02:56 PM EDT, 05/03/2024 (MT Newswires) -- Vale (VALE) and BHP Group's ( BHP ) compensation offer in the tune of about $25.7 billion for the 2015 Samarco dam disaster in Mariana district in Brazil was rejected by the government.

The Brazilian federal government and state government of Espirito Santo issued a notice rejecting the proposal, according to Brazil's solicitor general's office.

The authorities said that the offer does not show progress from the previous proposal presented in December, the solicitor general's office said in a statement posted on its website Friday.

In addition, the proposal contains inadmissible conditions and significant changes to what has already been negotiated, according to the statement.

Neither Vale nor BHP immediately responded to MT Newswires' requests for comment.

Price: 12.60, Change: +0.08, Percent Change: +0.60